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Government Seeks to Regulate Bitcoins

September 17, 2013, Written By Bill Hardekopf

Bitcoins, a growing name in digital currencies, is now under scrutiny as the U.S. government looks to put regulations on its transactions.

Bitcoins exist solely on the Internet and can be exchanged for real money based on their current market rate. Many people are switching to Bitcoins because they cannot be taxed or monitored by the government.

That may all be changing in the near future.

The Senate Homeland Security and Government Affairs Committee has already issued letters to the Department of Treasury and other government agencies requesting details on how the use of virtual currencies is overseen.

In March, the Financial Crimes Enforcement Network from the Treasury Department put Bitcoin businesses under the same set of laws as other money service businesses. This did not stop Bitcoins from thriving.

“Bitcoins put power in the hands of people who use it. It is going to do to money what e-mail did to written communication,” said Alan Reiner, a developer for Bitcoin’s software Armory. “Bitcoin cannot survive as a mainstream concept unless it has governments’ approval,”

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.

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LowCards.com does not include all credit card companies or every available credit card offer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer's secure web site where you can review the terms and conditions for your offer.